Kass: Sideways Glance

This blog post originally appeared on RealMoney Silver on June 26 at 8:02 a.m. EDT.

Thursday's market ramp was a thriller and seemed to have been based on a reaction to several factors:

• a relief that Ben Bernanke's testimony went better than expected;
• a strong auction of $27 billion of seven-year U.S. notes;
• Lennar's (LEN Quote) reduced cancellation rates (from 21% to 15%) and an improving California home sales and a reduction in that state's inventory of unsold homes;
• a high-profile retail merger and a better-than-expected earnings release from Bed Bath & Beyond (BBBY Quote); and
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